Accelerate Property Fund has agreed to sell Bosveld Mall in Bela Bela, Limpopo, for R88 million, excluding VAT, as part of its ongoing strategic repositioning and balance-sheet optimisation programme.

The disposal reflects Accelerate’s continued focus on simplifying its portfolio and prioritising capital and management attention on Fourways Mall, the country’s largest shopping centre. Proceeds from the sale will be applied toward debt reduction.

Bosveld Mall has been sold to Morsim Developments Properties, with beneficial ownership held by Charlie Bentel and Max Sacks. The purchase consideration will be settled in cash on registration of transfer. Accelerate will also pay a 3% sales commission on the transaction.

As part of the agreement, Accelerate will provide a 12-month rental guarantee of R85,320 per month, excluding VAT, in respect of existing vacancies at transfer. The guaranteed amount will be reduced on a pro rata basis as vacancies are filled.

Located at 26 Potgieter Road in Bela Bela, the regional shopping centre comprises 15,991 m² of gross lettable area, with a weighted-average gross rental of R118/m². The property generated net operating income of R3.8 million, excluding straight-line rental adjustments, and is being sold on an implied yield of 8.6%.

Bosveld Mall is valued at R95 million, based on forward cash flows and net income at the valuation date. Expected net cash proceeds from the transaction amount to approximately R85.36 million. As a Category 2 transaction, the disposal does not require shareholder approval.

The sale follows earlier portfolio actions by Accelerate. In August 2025, the fund announced the disposal of Buzz Shopping Centre and Waterford Centre in Fourways for a combined R215 million, excluding VAT, after receiving approval from the Competition Commission. Buzz Shopping Centre was sold for R150 million, while Waterford Centre was sold for R65 million to Dorpstraat Capital Growth Fund and Property House Group Investments, respectively.